Neat uptrend on the NZDUSD pair daily timeframe .
Support on 0.382 fibonacci retracement holding
Double top bearish signal rejected at
fibo retracement 0.382 holding strong.
The ADX indicator is showing poor strength,
we will keep monitoring and adapting to the market.
Looking back on the daily chart
there is a Clear indication of a bullish strength
holding. Minor support at double tops
held for a bit until bulls continued adding
pressure.
On the 4 hour timeframe A Gravestone candle after accumulation,
followed by a hanging man candle signals a drawback in accumulation
either a signal that Bears are taking control or a minor pullback where
we will place a long position. (Direction of the uptrend)
Keep Monitoring the Fibo retracement at 0.5 & 0. 382 (4HR) and
minor support on daily view for a potent entry.
Support on 0.382 fibonacci retracement holding
Double top bearish signal rejected at
fibo retracement 0.382 holding strong.
The ADX indicator is showing poor strength,
we will keep monitoring and adapting to the market.
Looking back on the daily chart
there is a Clear indication of a bullish strength
holding. Minor support at double tops
held for a bit until bulls continued adding
pressure.
On the 4 hour timeframe A Gravestone candle after accumulation,
followed by a hanging man candle signals a drawback in accumulation
either a signal that Bears are taking control or a minor pullback where
we will place a long position. (Direction of the uptrend)
Keep Monitoring the Fibo retracement at 0.5 & 0. 382 (4HR) and
minor support on daily view for a potent entry.
Trade active:
Looking at the days progress, the resistance formed seemed to be holding. We have identified 3 times Bears have rejected price moving above this zone.
It maybe that we need to respect the bears at this zone. They are holding steady,
We must always adapt to the information the market gives us. At this point it seems as if the Bears have formed a potential short position, we will also maintain good risk management and place a stop loss 20-35 (0.62423) Pips above the resistance our TP will be placed just before the 0.382 Fib retracement. (0.61728)
Lets also pay close attention to behavior of this pair. The ability to adapt to market conditions is vital.
It maybe that we need to respect the bears at this zone. They are holding steady,
We must always adapt to the information the market gives us. At this point it seems as if the Bears have formed a potential short position, we will also maintain good risk management and place a stop loss 20-35 (0.62423) Pips above the resistance our TP will be placed just before the 0.382 Fib retracement. (0.61728)
Lets also pay close attention to behavior of this pair. The ability to adapt to market conditions is vital.
Comment:
Sell: 0.62199
SL: 0.62423
tp: 0.61728
SL: 0.62423
tp: 0.61728
The resistance is still holding at the 0.62124 area. We need to keep monitoring this pair, sooner or later one will take control. The Bulls have the best odds due to recent price action and the technicals. We see a bit of divergence on the MACD fast MA & slow MA.
The news outcome later in the day, will definitely tilt price into a specific direction. It's a good time to sit back and watch the market unfold in anticipation of high & Medium impact data from The USA. Let's analyse how this affects the bulls & bears decision making process.
On the 4hour timeframe: We notice how the resistance was tested twice with no luck. This zone we must watch out for, we are looking for a potential buy in the direction of the overall trend above this zone.
It looks like a minor resistance has formed on the 0.236 fib retracement, we may also want to keep an eye on this zone.
Way forward, we keep an eye on the resistance zone 0.236 and potential long entry. We also need to watch the 0.5 fib retracement.
Remember to always be ready to adapt to market changes.